Andhra Pradesh's Capital Region Development Authority (CRDA) and the Housing and Urban Development Corporation (HUDCO) have signed an Rs 11,000 crore loan agreement to fund the construction of Amaravati, the state's new greenfield capital.
The deal was formalised in the presence of Chief Minister N Chandrababu Naidu at his residence in Undavalli, Guntur district.
HUDCO's Board had approved the loan in a meeting held in Mumbai in January. With this financial backing, the Amaravati project is expected to progress significantly, aiming to develop modern infrastructure and urban facilities in the new capital.